What is classed as a “First Home”?

When a property is “owner occupied”, it has been purchased for the purpose of the buyer’s own residential home.  In relation to the First Home Owner’s Grant, First Home buyers are classed as people whom are permanent residents of Australia and have not previously owned a property in Australia.  For more information on the conditions of the First Home Owners Grant, please visit www.firsthome.gov.au for details.

or call
1300 884 944

Buying a home versus the rent rat-race

Many people are daunted by the prospect of owning their first home but in most cases, the benefits of owning your first home far outweigh the negatives. There are many reasons why owning your home is a great idea and over a long term, is more financially beneficial than renting or leasing “someone else’s” home.

Rent money is “dead money” – When renting or leasing, you are effectively paying off your landlord’s mortgage; money that could be better used paying off your own home.

Take control of your freedom – Owning your home means that you don’t need to rely on agents or gain permission prior to renovating your own place.  Furthermore, you don’t need to make a million phone calls to the relevant authorities and wait weeks or months before a tradesman is arranged to repair a broken fixture at your residence.

Secure your future – Take advantage of the housing boom and market upturn.  Owning a home is assisting you to create your own wealth. The requirement to meet the monthly mortgage repayment is effectively a forced “savings programme”. Over the long term, property prices continue to rise and rarely go down which assists you in owning a larger part of your own home. You will also never need to worry if the landlord will sell the property or not renew your lease.

Take advantage of the First Home Owners Grant – If you haven’t previously owned a home in Australia, are an Australian citizen and will be using the home as your principal place of residence, then you may be eligible for a financial lump sum of $7000 from the government to assist with the purchase of your new home. For more information, visit www.firsthome.gov.au for details.

Redundant statistic… 3 out of every 4 people make up 75% of the population!?!

How to buy your first home

First of all, you need to find out how much you can borrow. This will depend on the lender, your income, debts, assets, expenses, number of dependants, amount of deposit saved and whether you are buying the property alone or with somebody else. Research whether you may be eligible for a Government grant such as the First Home Owners Grant.

Once the amount you can borrow has been determined, a decision needs to be made as to whether you will buy land and build your home or buy an already established home.

It’s now time to find your new home! Research the areas in which you may wish to live, the type of home you would like (e.g. if building or buying a house and land package) and home prices then consult with several different real estate agents as to what you are looking for.

When a contract has been signed, you are required to arrange home insurance, conveyancing, legal and finance matters prior to settlement of your home.

Congratulations!  You are now the proud owner of your first home!

or call
1300 884 944

Why buy your first home with FirstRock

Every Australian dreams of owning a home.  Now that the banks aren’t dictating how home loans work, people like us are able to offer competitive rates and we can make getting a home loan an experience rather than a process.

Most people know that a bank is only going to sell you a loan that they offer and they aren’t going to tell you about a better loan from the bank down the street. So when you deal with a bank, the most you can hope for is that you get the best loan that they have on offer. For many people, a lot of time is also wasted ‘shopping around’ and leaving them quite confused as to what the best deal would be for their needs.

Where we really differ is in our service. We are here to give everyone a fair go, so you can trust us to help you. If you prefer, we can even handle your entire loan application and process over the phone. One of our brokers can come to you at your convenience and explain the details to you in plain English so there’s no more confusion when it comes to ‘shopping around’.

At FirstRock Mortgage Centre, you will not only have access to our top range of FirstRock Home Loans, but we can also show you hundreds of other loan products from over 35 different lenders, including the banks. 

Our range of FirstRock Home Loans is designed to suit just about anyone, from first home buyers and investors, the self-employed and credit ‘impaired’. So whether we find you a FirstRock Home Loan or a home loan from one of our lenders, you can be sure that it will be a loan that is right for you.

Things you need to know about buying your first home

• In most cases, a deposit on your new home will be required. Generally this can range from 5% to 20% of the value of the purchase price, dependant on where the property is situated and which lender the borrower chooses to advance the funds for their home loan. The borrower can borrow up to 100% of the property value in some cases depending on which lender they choose.
• There will be conditions on Government grants. You will need to research what grants you may be eligible for and factor this into the total funds available for purchase of your home.
• First home buyers may be unaware of some costs in relation to buying a new home. For example, some of the costs involved in buying a home include Government Stamp Duty, legal fees, conveyancing fees, Lenders Mortgage insurance, rates, home and contents insurance, body corporate fees (if buying an apartment) and pest inspections. All of these costs will need to be factored into your home loan (unless you have saved a deposit or applied for the First Home Owners Grant), thereby reducing the amount you have available to purchase your home.
• You will be required to provide the lender with previous bank statements, proof of income and other details as part of your application for a home loan.
• If you fit the criteria, you’ll need to actually live in the home for a minimum of 12 months to be entitled to the first home owners government grant.
• There may be other conditions applying to first home buyers regarding the government grant and stamp duty. For more information, visit our helpful links page.

The suggestion that all staff do more exercise appears to be well received – there has been a noticeable increase in people jumping to conclusions, running off at the mouth, stretching the truth, side stepping responsibility, passing the buck and pushing their luck.

Can FirstRock help you save money?

At FirstRock, we can offer you a choice from either our own range of FirstRock Home Loans or another loan product from over 35 different lenders, including the banks.

One of our accredited relationship managers or mortgage brokers can assist with a comparison of several different loans to suit your needs and show you how this can save you money. In addition, even if we don’t have a FirstRock Home Loan that’s right for you, we can search hundreds of other loans to find one that does suit your requirements…now that’s something the banks won’t do.

or call
1300 884 944

Where to now?

Find out how much FirstRock can save you...

• Do our 'how much money will I save' form
• See the real life story of Gerry and Karen - FirstRock customers who saved nearly $17,000 in their first year

Read some important info on...

• Self-employed loans
• Investment property loans
• Buying your first home
• Loans for over-60's
• Commercial finance & leasing

You can count on us...

First home buyer, property investor, self employed, credit impaired, 60 & over, commercial finance. What ever the reason, no matter who you are, FirstRock has a loan to suit you, and if we don't, we'll find you one that does.